Buying A Home? Shop Mortgage Lenders

If you are in the market right now to purchase a home; shop for your mortgage approval with a few lenders. In this economy and housing market lenders have a variety of different packages availble. Just because your local bank or mortgage broker said NO you cannot buy right now becuase you need to hae a credit score of X does not mean you cannot buy.

I recently have been working with three individual buyers who were told by their previous lender that they could not buy a house becuase there credit score was to low. All three of those potential buyers are out aggressively looking for homes right now with a pre-approval letter in hand. Why? because I helped them shop around for a lender that had a program that qualified them for a mortgage.

Most rRealtors have a lender they prefer to work with. It is probably someone that has helped them in the past get a loan processed and approved. Thus, if that lender says NO they move on to the next buyer and wait as the lender works with the buyer to get their credit score up and it can take 3 to 6 months.

Well i have a preferred lender as well...does it mean he gets 100% of all my deals? No. but I give him first chance. Not all companies have the same guidleines to approve loans right now. Yes, they all have to fit in the box nice and neat. However; your lender may tell you that your credit score needs to be 620. Another lender could tell you 580 and a third bank could say 600. They are not governed by the same regulations in regards to requirements for credit score. it si up to the individual lender to decide on what credit score risk they are willing to advance a mortgage on.

All three people were told becaue of their credit score they could not buy a house and had to do certain things to get their credit score up. And all three I was able to get approved without increasing their credit score....

So, if you are in the market for a house and the first lender tells you NO; call another lender and see what they say...you may be able to purchase a house based on your current credit score. There are many different guidelines availble right now if your Realtor knows where to look.

Dave diCecco
Realtor/Broker
www.davedicecco.com